In Texas, Citroniq Chemicals, a company pursuing biobased polypropylene, has closed a $12-million Series A funding round. Strategic investors were “led by a large multi-national energy technology company providing large rotating equipment across oil & gas, energy and industrial customers in over 120 countries, along with a co-investment by Lummus Technology Ventures, and in partnership with the State of Nebraska,” Citroniq said in a press statement.
The funding will enable Citroniq to further advance the planning, design, and construction of its first plant, which is planned for Nebraska.
“The Series A investment is just the first step in our journey towards building multiple biomanufacturing hubs, boosting the Nebraska bioeconomy by converting local ethanol into valuable bioplastics,” Kelly Knopp, CEO & Co-Founder of Citroniq, said in a press statement. “We now have the momentum needed to successfully complete our engineering and make the first plant a reality.” The plastics industry is beginning to understand the “material impact” that a 5X carbon-negative resin can have on their 2030 goals and their long-term net-zero objectives, Knopp added.